With demonetisation sparkling in a full swing across the country, has someone ever thought about what will the government do with all these scrapped notes once finally collected? Just like China, will India use the old and useless Rs 500 and Rs 1,000 currency notes to fuel the infrastructural gap such as to generate electricity?
As per a report by Bloomberg, Indian government will soon be stuffed with somewhere around 23 billion chaffy currency notes which is more likely to be used in landfills or to be utilised as biomass blocks for industrial usage. However, the government is still sceptical on what to do with all these worthless piece of paper and could rather follow one or two of the measures China has taken in the past. In the year 2014, a company in China used the damaged notes to generate power by burning them. This could be one good idea that India could pick up.
As per China’s Xinhua news agency report, one tonne of damaged paper money can create up to 660 kilowatt hours of electricity with a much less emissions as compared to coal. The experiment was then carried out in a much larger scale with the Chinese government scrapped all the 100 yuan notes and issued new notes of same denomination in November 2015. Even the remaining ashes after burning the old notes could be used for making brick helping people to build houses from money-made walls, said the Xinhua report further.
Though Rs 500 and Rs 1,000 notes will soon become just a piece of paper, Indian government can still take a lot out of it in order to facilitate
convenience to a lot of people with emission-less energy.